whole round-about trade are more distant than 
the returns from America, by the time only 
which the goods may lie unsold in the warehouse; 
where, however, they may sometimes 
lie long enough. But, had not the colonies 
been confined to the market of Great Britain 
for the sale of their tobacco, very little more 
of it would probably have come to us than 
what was necessary for the home consumption
The goods which Great Britain purchases 
at present for her own consumption 
with the great surplus of tobacco which she 
exports to other countries, she would, in this 
case, probably have purchased with the immediate 
produce of her own industry, or 
with some part of her own manufactures
That produce, those manufactures, instead of 
being almost entirely suited to one great market, 
as at present, would probably have been 
fitted to a great number of smaller markets
Instead of one great round-about foreign 
trade of consumption, Great Britain would 
probably have carried on a great number of 
small direct foreign trades of the same kind
On account of the frequency of the returns, a 
part, and probably but a small part, perhaps 
not above a third or a fourth of the capital 
which at present carries on this great round-about 
trade, might have been sufficient to 
carry on all those small direct ones; might 
have kept in constant employment an equal 
quantity of British industry; and have equally 
supported the annual produce of the land 
and labour of Great Britain. All the purposes 
of this trade being, in this manner
answered by a much smaller capital, there 
would have been a large spare capital to apply 
to other purposes; to improve the lands, to 
increase the manufactures, and to extend the 
commerce of Great Britain; to come into 
competition at least with the other British 
capitals employed in all those different ways, 
to reduce the rate of profit in them all, and 
thereby to give to Great Britain, in all of 
them, a superiority over other countries, still 
greater than what she at present enjoys
The monopoly of the colony trade, too, has 
forced some part of the capital of Great Britain 
from all foreign trade of consumption to 
a carrying trade; and, consequently from 
supporting more or less the industry of Great 
Britain, to be employed altogether in supporting 
partly that of the colonies, and partly that 
of some other countries
The goods, for example, which are annually 
purchased with the great surplus of eighty-two 
thousand hogsheads of tobacco annually re-exported 
from Great Britain, are not all consumed 
in Great Britain. Part of them, 
linen from Germany and Holland, for example, 
is returned to the colonies for their particular 
consumption. But that part of the 
capital of Great Britain which buys the tobacco 
with which this linen is afterwards 
bought, is necessarily withdrawn from supporting 
the industry of Great Britain, to be 
employed altogether in supporting, partly that 
of the colonies, and partly that of the particular 
countries who pay for this tobacco with 
the produce of their own industry
The monopoly of the colony trade, besides, 
by forcing towards it a much greater proportion 
of the capital of Great Britain than what 
would naturally have gone to it, seems to 
have broken altogether that natural balance 
which would otherwise have taken place among 
all the different branches of British industry
The industry of Great Britain, instead of 
being accommodated to a great number of 
small markets, has been principally suited to 
one great market. Her commerce, instead 
of running in a great number of small channels
has been taught to run principally in 
one great channel. But the whole system of 
her industry and commerce has thereby been 
rendered less secure; the whole state of her 
body politic less healthful than it otherwise 
would have been. In her present condition
Great Britain resembles one of those unwholesome 
bodies in which some of the vital 
parts are overgrown, and which, upon that 
account, are liable to many dangerous disorders
scarce incident to those in which all 
the parts are more properly proportioned. A 
small stop in that great blood-vessel, which 
has been artificially swelled beyond its natural 
dimensions, and through which an unnatural 
proportion of the industry and commerce 
of the country has been forced to circulate, 
is very likely to bring on the most dangerous 
disorders upon the whole body politic. The 
expectation of a rupture with the colonies
accordingly, has struck the people of Great 
Britain with more terror than they ever felt 
for a Spanish armada, or a French invasion. 
It was this terror, whether well or ill grounded, 
which rendered the repeal of the stamp 
act, among the merchants at least, a popular 
measure. In the total exclusion from the 
colony market, was it to last only for a few 
years, the greater part of our merchants used 
to fancy that they foresaw an entire stop to 
their trade; the greater part of our master 
manufacturers, the entire ruin of their business; 
and the greater part of our workmen, 
an end of their employment. A rupture 
with any of our neighbours upon the continent, 
though likely, too, to occasion some stop 
or interruption in the employments of some 
of all these different orders of people, is 
foreseen, however, without any such general 
emotion. The blood, of which the circulation 
is stopt in some of the smaller vessels
easily disgorges itself into the greater, without 
occasioning any dangerous disorder; but, 
when it is stopt in any of the greater vessels
convulsions, apoplexy, or death, are the immediate 
and unavoidable consequences. If 
but one of those overgrown manufactures
which, by means either of bounties or of the